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Only expert willing to check my 4 multiple choices HW pleaseI. I solved them, but still want to make sure my answers are correct. Thanks!
Only expert willing to check my 4 multiple choices HW pleaseI. I solved them, but still want to make sure my answers are correct. Thanks!
Normal No Spacing Heading Hing 1-A company issued 60 shares of $100 par value common stock for $7,800 cash. The journal entry to record the issuance is a) Debit Cash $7,800; credit Common Stock $7,800. b) Debit Investment in Common Stock $7,800; credit Cash $7,800. c)Debit Cash $7,800; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,800. d) Debit Common Stock $6,000, debit Investment in Common Stock $1,800; credit Cash $7,800. Debit Cash $7,800; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000, credit Common Stock $1,800. 2-A corporation issued 3,500 shares of its no par common stock at a cash price of $13 per share. The entry to record this transaction would be: a) Debit Cash $45,500; credit Paid-in Capital in Excess of Par Value, Common Stock $3,500; credit Common Stock $42,000. bDebit Cash $45,500; credit Common Stock $45,500. c)Debit Common Stock $45,500; credit Cash $45,500. d)Debit Treasury Stock $45,500; credit Cash $45,500. e)Debit Treasury Stock $3,500; debit Paid-in Capital in Excess of Par Value, Treasury Stock $42,000; credit Common Stock $45,500. 3-A corporation issued 190 shares of its $5 par value common stock in payment of a $2,700 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: a) A $950 debit to Organization Expenses. b) A $2,700 credit to Cash. c)A $2,700 debit to Common Stock d) A $2,700 credit to Common Stock. c) A $1,750 credit to Paid-in Capital in Excess of Par Value, Common Stock. 4-A corporation issued 190 shares of its $5 par value common stock in payment of a $2,700 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice a) A $950 debit to Organization Expenses. b) A $2,700 credit to Cash. c) A $2,700 debit to Common Stock. d) A $2,700 credit to Common Stock. e) A $1,750 credit to Paid-in Capital in Excess of Par Value, Common Stock Step by Step Solution
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